Broader indices outperformed the benchmark indices. The BSE Midcap Index was up 101.10 points or 2.75 per cent, to end at 3,776.94 and the Smallcap Index rose 2.66 per cent or 110.59 points, to 4,263.60.
Buying Interest was seen in Metal, financial, telecom and infrastructure stocks were while FMCG, cement, oil marketing and select technology companies' shares remained under pressure.
The BSE Metal Index went up 619.71 points or 8.22 per cent, to end at 8,155.08. SAIL has reported a growth of 28.79 per cent and Tata Steel April sales went up 31 per cent at 4.52 lakh tonnes (YoY); both stocks were up 7.41 per cent and 8.76 per cent, respectively. Among others, Hindustan Zinc, Sterlite, JSW Steel, Jindal Saw, Hindalco, JSL, Sesa Goa and NALCO gained 5 to14.8 per cent.
Among the financial stocks, Andhra Bank was up 5.28 per cent, PNB, SBI and Axis Bank were up 3.3 to 3.5 per cent. ICICI Bank gained 1.53 per cent and HDFC Bank was up 0.40 per cent. The BSE Bankex closed 68.52 points or 3.72 per cent higher at 1,912.44.
HDFC, not part of Bankex shot up 4.4 per cent.
Market breadth was positive due to gains in broader indices. About 1921 shares advanced while 1053 shares declined and nearly 138 shares remained unchanged
Positive global cues supported Indian markets.
Indices up 2pc each; selling in IT stocks
At 1: 23 PM yhe Sensex was up 86.93 points or 0.73% at 12039.68, and the Nifty was up 20.60 points or 0.57% at 3645.65. The markets were trading with good gains. The BSE midcap and smallcap indices were up nearly 2 per cent each.
The Sensex was riding on Reliance, ICICI Bank, L&T, Bharti Airtel and HDFC. Selling was seen in IT Stocks. Buying Interest was seen in metal, realty, oil & gas, capital goods, bank, pharma and auto stocks.
Sterlite Ind at Rs 488 up 7.30 per cent, Hindalco at Rs 65.70 up 4.12 per cent, Tata Motors at Rs 273.95 up 3.75 per cent, Tata Steel at Rs 280.40 up 3.60 per cent and HDFC at Rs 1,810.10 up 3.52 per cent proved to be the gainers on Sensex. However, the losers were M&M at Rs 518.60 down 2.41 per cent, ACC at Rs 627.45 down 2.01 per cent, NTPC at Rs 190.70 down 1.95 per cent, Infosys at Rs 1,540 down 1.8 per cent and Grasim at Rs 1,771 down 1.68 per cent.
On the BSE Midcap - Bhushan, Monnet Ispat, Godrej Ind, Thomas Cook and Mah Seamless became the top gainer after going up 11 to 23 per cent. On the BSE Smallcap -Gammon India, Bilcare, HEG, Uttam Galva and CMC were up 12 to 23 per cent becoming the gainers.
Early gains lost, markets volatile
At 11: 23 AM, the Sensex was trading at 12,028, up 75 points and the Nifty rose 23 points, to 3,648. Broader indices outperformed the equity benchmarks; BSE Midcap and Small cap indices gained 1.4 to 1.6 per cent.
The markets have lost early gains and are experiencing volatility. Cement, technology and oil marketing companies' share were under pressure and private banking stocks retreated.
Those under pressure among the frontliners were Infosys, TCS, NTPC, ITC, HCL Technologies, ACC, Grasim, Ambuja Cements, ABB, BPCL and Cipla. Reliance Industries, HDFC, Bharti, Sterlite, ONGC, SBI, Reliance Communications, Wipro, HUL, L&T, Tata Motors, BHEL, and SAIL gained.
The market breadth was positive. About 1724 shares advanced while 1227 shares declined and nearly 161 shares were unchanged.
Mkts bouce back, HDFC, SBI, Tata steel gain
At 9:56 AM, the Sensex was trading at 12,066, up 113 points and the Nifty rwas up by 32 points, to 3,657. The CNX Midcap went up 1.5 per cent, to 4,050. Recovering the losses made on Wednesday, Markets today bounced back.
The gainers among the frontliners were Unitech, HDFC, Cairn India, Sterlite, Suzlon, Reliance Capital, DLF, Tata Steel, SBI, Axis Bank, ICICI Bank, Reliance Communication, Reliance Infrastructure, L&T, ONGC and SAIL while Infosys, BPCL, HUL, Cipla and NTPC lost ground.
In the midcap small cap front, United Breweries, Aptech, Godrej Industries, GSPL, Havells, Balrampur Chini, Sakthi Sugars, Bajaj Hindusthan, Apollo Tyres, Mangalore Chemical, GIC Housing Finance and Pyramid Saimira gained 2 to 6 per cent.